Record 3Q earnings for American Railcar Industries

American Railcar Industries, Inc. late Wednesday reported third-quarter net earnings of $14 million, or 66 cents per share, which ARI said was "a new quarterly record," and up dramatically from $4 million, or 19 cents a share, in the third quarter of 2011.

Third-quarter revenue was $168.2 million, up nearly 34% from $125.8 million in the year-ago quarter. ARI's backlog increased to 7,630 railcars. The company shipped approximately 1,460 railcars during the third quarter of 2012, including approximately 310 railcars to leasing customers, compared with approximately 1,340 railcars shipped during the third quarter of 2011, of which approximately 90 were to leasing customers.

"We are pleased with our strong financial performance, operating results and continued growth of our fleet of leased railcars," said ARI President and CEO James Cowan. "The market for tank railcars remains very strong, which provided us with a favorable sales mix during the quarter. Strong tank railcar volumes generated operational leverage and efficiencies, which were partially offset by softer demand for hopper railcars. During the quarter we received orders for 2,290 railcars, increasing our backlog to 7,630 railcars."

St. Charles, Mo.-based ARI said it "continues to benefit from cost savings achieved by the vertical integration projects put in place during the past several years."